rbiH

OOT

T9Cn111VlH CAHXYYfVIVlH YP AWfVIVlH WVI An

H3f. EP9HX~l1 3Y
1.1. ApraYnanbiH 3op111nro Hb Tecn111~r xapalll<yyncH33p ·1 amaa Hexe>K,
caHxyyrlll~H xysbp, yp aw111rra~ a>1<111nnax 6onoM>KTO~ acax111~r Top,opxo~noxop, opW111Ho.
1.2. 3Haxyy apraYnanblr yncbiH xepeHre opyynambiH xeTen6ep /L!aaw111p, YXOX rax/-T rycrax
xepeHre opyynanTbiH Tecnlll~H caHxyyrlll~H TOOL!Oonon, xepeHre opyynanTbiH eree>K,
caHxyyrlll~H yp awrlll~H WII1H>KII1nr33 Xlll~X , WII1H>KII1nr33HII1~ yp AVHA VH,D,3Cn3H 3p3M63n3X,
coHroxop, aw111rnaHa .

XOEP. H3PTOMbEOHbiTOaOPXOl1flOflT
2.1 . 3Haxyy apraYnanp, xaparnacaH p,apaax Hap TOMbeor p,op p,ypp,caH ynaap o~nroHo . YyHp, :
"xepeHu;, opyynanmb!H BUHJ)K" r~>K Tecenp, e>pyyncaH xepeHre e>pyynanTbiH yp AYHA
6111~ 6onox MeHreH p,yHraap 111napx111~n>K 6onoxy~L! aw111r 6onoH anp,arp,nblr;
"caHxyyeu(JH yp aweu(JH WUH>Kune33" ra>K Tecenp, xepeHre opyynam Xlll~>K, TVVH111~ yp
AVHA 6111~ 6onox caHxyyrii1~H yp aw111r, TYVH111~r X3p311Kyymx 6onOM>KTO~r
Top,opxo~nox W111H>K111nraar;
"aHXHbl xepeHee opyynanm" ra>K Tecn111~r axnyynaxap, waapp,naraTa~ MeHreH opox
ypcranblr;
"apnoea" ra>K 6apaa, 6YT33rp,axyyH y~np,sapmx 6y10y Hll1~nyymx, a>KIIln, y~n4111nr33
y3yynax y~n a>KII1nnaraaHaac TYXa~H xyraL~aaHp, 6111~ 6oncoH xepeHrlll~H p,oTorw
ypcranblr;
"3apoan" ra>K y~n a>KIIlnnaraa s:~syynaxTa~ xon6orp,oH rap4 6a~raa xep,enMep,
xepeHrii1~H 3apl...!yynanTblr MSHreH p,yHraap 111napx111~ncaH X3M>Kaar;
"caHxyy>Kunmu(JH xyeaapb" ra>K 30p111nro, 30pll1nT, ye waTYYAbiH p,aryy waapp,naraTa~
xepeHre opyynanT, 3apl...!yynax MeHreHII1~ xysaap111~r;
"caHxyyeu(JH xopoeoyynanmb!H xyeb (financial discount rate)" ra>K 111paap,y~H MeHreH
ypcranyy,D,biH eHeem~H yHa L!3HII1~r onoxop, aw111rnap,ar xyyr111~H TyBWII1Hr;
"Kanuman&IH >KUBH3C3H oyHoa>K epmee" ra>K Tecn111~r caHXVV>KYYnax ax yycsapyyp,ap,
Tenex waapp,naraTa~ xyy\eree>KII1~H >KII1rH3C3H AYH,D,a>K xys111~r;
"anoaeocaH 6onoM>KU(JH epmee" ra>K eep coHronT XII1~C3H 6on on>K 6onox 6a~caH
M8Hr8HII1~ X3M>K33 6y10y TYX8~H COHrOnTblr XII1~CH33p anp,a>K 6y~ opnoro, awr111~H
X3M>K33r;
"MeHeeHu(J L(ae xyeal..(aaHbl YH3 1..(3H3" Hb eHeep,ep 6a~raa MeHre Top,opxo~ Liar
xyral...!aaHbl 3L!3CT (111p33,D,V~H VH3 L!3H3) X3,D,II1~ X3M>K33T3~ 6on>K 8C8XII1~r, 111p33,D,V~A
TO,D,OpXO~ X3M>K33HII1~ M8Hr8T3~ 6onOXbiH TYn,D, 8H88,D,8p (8H88rii1~H VH3 U,3H3) X3,D,3H
Terper 3apu,yynaxblr xapyynHa.
"MeHeeHu(J eHeeeu(JH YH3 1..(3H3" ra>K Top,opxo~ xyy 6onoH xyrau,aaHp, cyyp111naH
TOOU,COH xyn33r,D,3>K 6y~ 111p33,D,V~H M8Hr8H ypcranbiH 8H88rii1~H VH3 U,3HII1~r;
"MeHeeHu(J up33oy(JH YH3 1..(3H3" ra>K Top,opxo~ xyy 6onoH xyraL~aaHp, cyyp111naH
TOOL!COH O,D,OOrii1~H X8p8Hrii1~H 111p33,D,V~H VH3 L!3HII1~r;
 "eHeeauiJH U.363p YH3 U.3H3" Hb xepeHre opyynanTbiH Tecm1~r X3p:mt<yyncH33p 61.1~
6onox 1.1p33.QV~H MeHreH ypcr8n Hb l..\8r xyr81..\88Hbl xy41.1H 3y~n1.1~r X8pr8nJ8H
TOOL\OXO.Q 38p,Q1188 X3pX3H Hexe>K 68~r88r xapyynHa .

rYPAB. T9Ciliii~H CAHXYYfiii~H YP AWfiii~H WIIIH>KIIIIlf33 XIII~X3.Q 6APIIIMTflAX

3AP4111M, TABIIIf,QAX WAAP,QilAfA
3.1. Tecn1.1~H opnoro, 38p,Q8n Hb Tecni.1~H xyp33H,Q Xl.1~r,QC3H cy,Qamaa, TenesnenT'{y,QL-1~H yp
AVHA VHA3Cn3x TYll C8Hxyyri.1~H TOOL\OOnnblr XI.1~X33C eMHe TSCJ11.1~H 30p1.1mo, 30p1.1nT,
38X 333ni.1~H 6onOM>K, 6'{T33r,Q3X'{'{H y~n41.1m33HI.1~ H3p Tepen, '{H3 Tap1.1cp,
W88p,Qn8r8Ta~ TOHor TexeepeM>K, 8>KI.1nn8x xy4, TYVX1.1~ 3.Q, M8Tep1.1anblr TO,Qopxo~nox
6onoH TecenT3~ xon6ooTo~ 6yx cy,Qam88, TenesnenT'{y,Q 6yp:m Xlt1~rAC3H 68~H8 .
3.2. Tecn1.1~H C8Hxyyri.1~H yp 8Wri.1~H WI.1H>K1.1m33r XI.1~XA33 T'{'{Hit1~ yp AVHA Heneenex ,Qapaax
xy41.1H Jy~nyy.Qit1~r X8pr8n38H '{33X ecTo~. YyH,Q:
Tecen X3p3r>Kit1X op4Hbl eHeerlt1~H Tenes 68~,Q8n
3p3nT, X3p3rl..\33Hit1~ TOrTBOpTO~ 68~,[1811
Heel..\1.1~H Xfl3r88pn8r,QM8n 68~,Q8n
Tecn1.1t1r l..\88WI.1,Q epre>K'{yn3x 6onoM>K
C8HXVV>Kit1mlt1~H 3X yycs3p1.1~H xyp3nl..\33T3t1 68~,Q8n
Toom1C111 yprom1mox xyrol..\aa
Tecnlt1t1H 3PCA3nl.1t1H T'{BW1.1H
3.3. Tecnlt1~H C8HX'{'{>KI.1nTI.1t1H 3X Y'{CB3p1.1~r TO,QOpXOt1nOX,QOO H3r 3X '{'{CB3p33C ,Q8Hr88p
C8HXYV>KVVn3x 6onoM>KTO~ 4, y41.1p4 6onox 3PCA3Jllt1~r xys88X 3op1.1moop eep 3X
'{'{CB3pyy,QT3t1 XOCJlyyJl8H C8HX'{'{>K'{'{Jl3X Hb 1.1nyy yp 8WI.1rT8t1 68t1,Q8r r3,Qrl.1t1r X8pran38H
'{3H3.

,Q9P9B. T9Ciliii~H CAHXYYfiii~H YP AWfiii~H WIIIH>KIIIIlf33 XIII~X ,QAPAAilAil, YE

WAT
4.1. Tecn1.1~H caHxyyri.1~H yp awm~H WI.1H>KI.1m33r ,Q8pa8x ye W8TYYA88p ryt11..\3Tr3H3. YyH,Q:
4.1.1. Ye waT 1. ToouoonnbiH ypb.Q41.1nC8H Hexuen. cwpb erer,gnvv,g1.1~r m,gopxot1nox. YyH,Q:
W1.1H>KI.1nr33HI.1t1 xyr81..\88, T8XHOnOrl.1t1H K8pT, H3r>K 38p,QnbiH '{H3 T8p1.1cpyy,Q, 6'{T33r,Q3XY'{H
yil1n41.1nr88HIII~ H8!) Tf?l!)BJl TYG f5ypssp '{W:l, T8!)1<1cpyy,Q, BGiniOTbiH XGIHW r.M.
4 .1.2. Ye waT 2. Tecn1.1~H 8HXHbl xepeHre opwn8nTbiH 3ap,gllblr Toouoonox. Tecnl.1t1H aHXHbl
xepeHre opyyn8nT Hb T'{'{HI.1t1 TenesnenT, 63nTr3n y~n 8>KI.1Jln8r88T8t1 xon6oomt1
38P.QllYY.Q, 6apVIJ1f8, 6at1ryynaM>K, ,Q~,Q 6'{T31..\, MaWI.1H, T8XHIIIK, TOHnr TAXAflpAM>I<T!'Ii/1
xon6ooTot1 3ap.Qnyy.Q, T33Bp1.1t1H X3p3rc3n, KOMnbiOTep, 6yc8A X3p3rc3n, TaBI.1nr8, 3,Q
xorw111n, OIAer oyc xapeHra, caHXVV*IAr1'1'1!11AH eprer, 3pr3r11'1AIAH xepeHri.11.1H 38p,Qn8ac
6yp,Q3X 6a X8scp8m 1-A y3yync3H M8~rTbiH ,Q8ryy TYX8~H Tecni.1~H 30p111nro
30piiU1TYY.QbiH xyp33H,[I, T'{'{HI.1~ OHL\nOrT TOX1.1pCOH 68t1,Qn88p 63mr3H3.
4.1.3. Ye waT 3. Tecnl.1t1H opnoro. 38p,gnbiH mouoonnblr x1.1t1x. 3H3 X3C3rT Tecn1.1t1H opnoro,
38p,QnbiH >KI.1n 6yp33p x1.1~x 68 1.1HQ:>n~l..\ 6onoH VH1.1~H X8Pbl..\8Hry~ eep4nenTI.1~r
X8pram8H TO,Qopxo~ yey,Q33p ye41.1nc3H 68~,Qn8ap TOOL\OOr WI.1H341.1n>K 6onHo. Tecn1.1~H
38p,QnbiH TOOL\OOnnblr X8BCp8nT 2-T 388CHbl ,Q8ryy, T9Cnl.1t1H opnorbiH TOOL\OOnnblr
Xascp8nT 3-T 388CHbl .Q8ryy XI.1~H3. X8scp8nTYYA8A opnoro, 38p,QnbiH Tepn1.1~r >K1.1W33
6omoH ascaH 6a T3,Qr33p Hb Tecni.1~H OHL\norooc W8mr88n8H eep4ner,QeHe.
4.1.4. Ye waT 4. CaHXW>KI.1mi.1~H xys88p1.1~r r8pr8x. Tecn1.1~H TenesnenTeA cyyp11U1C8H
C8Hxyyri.1~H cyypb TOOL\Oonon,Q VHA3Cn3H C8HX'{'{>KI.1nTI.1~H xys88p1.1~r Tecni.1~H ye W8T,
30p1.1nT H3r 6yp33p X8scp8m 4-T 388CHbl ,Q8ryy r8pr8H8.

2
4.1.5. Ye waT 5. CaHXVY>KVYJ13X 3X vvcs3p111!.1r Tenesnex. CaHXVY>Kii111Tii11.1H xysaap111!.1H Aaryy
CaHxyy>t<yymx 3X YYCB3PVVA111~H TaBiilrAaX waapAnara, caHxyy>t<yymx H9XI..\911VVA111~r
xapbi..\YYllaH CYAall>K, 60J10M>Kii1T XYBii1J16apyyAblr TOAOPXOiiillHO.
4.1 .6. Ye waT 6. CaHXVYrlii~H yp awr111~H Wli1H>Kii111r33 XlilliiX xyrayaar TOAopxo~nox . Tecnlii~H
OHI..\l10rooc xaMaapaH caHxyy, xepeHre opyynanTbiH Wli1H>Kii111r33 x111~x xyral..laa eep eep
6a~x X3Aii11ii 4 TecnlilliiH ron YHAC3H xepeHrlii~H aw111mambiH xyral..laaTa~ Hli11iil..lC3H 6aliix 6a
li1X3B4113H 10-c A33W >Kii111111~H xyral..laaraap TOOI..\OOJ1HO . ,O,oopx xycH3rT3A 3apt.1M
can6apbiH T9Cl1YYA1111iiH >Kii1Wii1r xyral..laar V3VV113B.

TecnyytVcan6apaap >KHn
3p4V1M XY4 25
6aViranb op4V1H,yc 30
TeMep JaM 30
AsTo JaM 25
H1r1cax 6yYAa11 25
L\axV1nraaH xon6oo 15
YVI11AB3p11311 10
6yca,Q yVin4V11lr33 15

4.1 .7. Ye waT 7. CaHXVYrlii~H xopor,qvvnambiH xys111~r (financial discount rate - FDR)
To,qopxo~nox . YXOX-T xeTen6epT TYCrax xepeHre opyynambiH TBC11VVA3A aw111max
caHxyyrlii~H xoporAyynal1TbiH XYBiil~r YHA3CHII1~ X9r>Kl11i1~H acyyAall xaplilyi..\CaH T8pli1~H
3ax111praaHbl 6a~ryynnara can6apbiH OHI..lJ10r, caHxyy>t<li111Tii1~H 3X yycs3pt.1~r xapranJaH
TOAOPXO~J10X 6a ye41!1J1C3H 6a~Al1aap Wli1H341i111>K 6a~Ha .
XoporAyynanTbiH xysb eHABP 6a~x TYCaM eHeerlii~H I..\3B3p VH3 I..\3H3 6aracAar,
3Cp3r TOX1i10l1A011 li1X3CA3r ypsyy xaMaapama~. Tt.1~M33C xepeHre opyynambiH Tecn111~r
eHeerlii~H I..\3B3p YH3 I..\3Hii1~H apraap VH3113X3A xoporAyynanTbiH xys111~r HMap
VHA3CJ13J133p X3A3H xys111ap COHrOH ascaH 63? r3A3r Hb xyBii1J16apbiH OHOB4TO~ COHfOJ1T
6onooA xepeHre opyynanTbiH Tecnlii~H 31..\Ciii~H yp AVHA li1X33X3H HeneenAer. MeH
xoporAyynal1TbiH XYBiil~r HMap xys111ap aBCHaac XaMaap4 9Heert.1~H VH3 I..\3Hii1~H aryynra
eep eep 6onAor. V1~M33c xoporAyynambiH xys111~r TYXaliiH xepeHre opyynanTbiH 30p111nro,
WliiH>K 4aHap, Jax 33311111~H HBXL!Bll 6a~Aal1 33pr33C xaMaapyynaH ca~Tap cyAancHbl
VHAC3H A33p 60AII1TO~ TOrTOO>K Wli1H>Kii111r33r x111~x waapAnaraTa~ . XoporAyynanTbiH xysb
Hb li1Hcpl1HL!Ii1aC BHABP 6a~x ecTO~ 6a
XoporAyynambiH xys111~r X3A X3A3H HH3aap TOOL!AOr X3Aii1~ 4 Aapaax apryyAblr
TYr33M311 aw111maAar. YyHA:
Kant.1Tal1biH >Kii1rH3C3H AYHAa>K epTer - Tecn111~r X3A X3A3H 3X yycs3p33C
CaHXVV>KYV113X yeA XOpOrAyynal1TbiH XYBiil~r KOMnaHiii~H Kanli1TaJ1biH >Kii1rH3C3H
AYHAa>K epTrlii~H xys111ap asax Hb 30XII1M>KTO~ 6a~Aar 6ereeA 3H3 Hb H31133A
VHA3Cl1311T3~ xoporAyynanTbiH xysb 60l1AOr.

n
WACC= Irn
t=l
xMVn

3Ho:
WACC- KanumanbJH )fWZH3C3H oyH08)1{ epmee. Huum 3X yyce3pUUH epmee
rn- TyxauH 3X yyce3puuH Huum caHXYY)I{Uflm3a 33fl3X xyeb
MVn - TyxauH 3X yyce3puuH waapanaeamaa eeee)I{UUH xyeb X3M)I{33 lxyyeuuH xyeb
X3M)I{33
n- 3x yyce3puuH moo

3
 Tailn6ap: WACC mool.{oxooo ep, 333fl33p cauxyy)I(C3H moxuonoono mamaapbta xac"f
mool.{OXbtZ aHxaapHa yy
)l(uw33fl63n: W ACC = r 1 x MV1 + 1·2 x MV2 x (1 - TaTeapbiH xyeh)

333m1~H xyyn1~H XYBb - XepeHre opyynaJlTbiH TSCillil~r 333Il33p C8HXYY>KYVIl3X

HSXL!Sil.Q xopor,QyynambiH xys111~r yr 333Illii~H xyyr111~H xys111ap asax Hb 30XI!IM)f(TO~ .
6aHKHbl xa,QranaM>K, 3acr111~H ra3ap , res 6aHKHbl yHaT 1..!88CHbl xyyr111!:1H xysb -
Kani!IT8JlbiH >KiilrH3C3H .QYH.Q8>K eprer 60JlOH HSXL!JlYV.Qiii~H xyyr H8plii~H TOrTOOX
6onoM>Kry~ HSXL!Sil.Q apc.Q3Il 6arara~. Ha~,Qsapra~ ax yycsap 6onox 6aHKHbl
xa,QranaM>K, Jacri!I~H ra3ap , res 6aHKHbl VH3T 4aac 33par xepeHre opyynanTbiH
xyyrlii~H XYBIII~r 8Wiilrll8X Hb TOXI!IpOM>KTO~ . ,[\3,[1 6yTL!Iii~H T9CI1VVAI!I~r VIX3Bll1l3H
38CrVI~H ra3pbiH 60H,QbiH xyyr33p TOOL!.QOL
3ax 3331lVI~H eree>KVI~H AYH.Qa>K xysb- 3ax 3331lVI~H .QYH.Qa>K eree>Keec VIX eree>K erex
xepeHre opyynanTbiH xysl!ln6apblr xapar>t<yynH3 racaH wanryyp ras111x HSXL!91l.Q yr
xys111~r aw111rnax 6eree,Q 3H3 Hb HVIIl33.Q eH.Qep wanryyp 6on,Qor.
4.1.8. Ye war 8. CaHXYVrVI~H 3arsapblr 6onoscpvvn>K. recnVI~H MeHreH ypcranbiH receenn111!:1r
XVI~X . TeCJlVI~H C8HXyyrVI~H opnoro, 38p,QilbiH TOOL!OOilOil, C8HXYY>KIIIIlTVI~H xysaapb, 3X
yycsapVI~H renesnenr 33p3rr YHA3Cil3H caHxyyrVI~H Jarsapblr 6onoscpyyn>K, recn111~H
MeHreH ypcranbiH receenn111~r Xascpam 5-.Q yJyyncaH 3arsapbiH ,Qaryy XVI~H3 . Tecen
ypran>Kil3X >KVIIl ryTMbiH MeHreH ypcranblr y~n a>KI!InnaraaHbl, caHxyyrVI~H, xepeHre
opyynailTbiH r3C3H Tepen rye 6ypVI~H XYBbA TO,QOpXO~Il>K, ryxa~H >KVIIlVI~H 1..!3B3p MeHreH
ypcran, xypVIMTI18r,QC8H MeHreH ypcrallblr TOOL!OOilHO . 8H99,Qplii~H H3r Terper V1p33.QV~H
H3r TerperT3~ T3HL!,Q3rry~, 9H99,QpVI~H H3r rerperVI~r X3pX3H 398 38PL!YYilCH88C Vlp33AV~H
opnoro, awrVI~H X3M>K33 xaMaap,Qar ryn MeHreH ypcranbiH receenn111~r raprax,Qaa
MSHrSHVI~ 9H99rVI~H VH3 1..!3HVI~r rycra,Qar. V1Hr3>K TOOL!OOilOX,QOO ye 6ypVI~H M9Hr9H
ry~m33 T3p yeVI~HX33 31..!3CT Xlil~r,Q3H3 r3C3H H9XL!J199p TOOL!OOJ11lblr X~lil68pll1!1Il>K 60JlHO.
4.1.9. Ye war 9. CaHXYVrlilillH rorrsoprolll 6aii1A1lblr WI!1H>KI13X. X3p3B recen Hb 1!1p33AVII1A 631l3H
MSHreHVI~ ,Qyrar,Qan,Q opox 3pC.Q31l 6alllxryll1 6on recnVIillr caHxyyrlilillH xyBbA l.la.QaM>KTaill
r3>K V3H3. 8epeep X3Il63Il X3p38 TSCillii~H OH ,Q8M>KC8H xyp1!1MTI18Ilaap 6111!11 60JlCOH
MSHreH ypcrailbiH Hlilii1Il63p Hb T9CJ11!1~H X3p3r>KI!1IlT1!1ii1H 6yx >K111IlVVA3A aepar V3VVI13JlTT3il1
6011 TSCillilillr C8HXyyrlillf1H ll8,Q8M>t<Tail1 r3>K V3H3. X3p3B T9CJ11!1ii1H xyp1!1MTI18r,QC8H MSHrSH
ypcran >KVIIl 6yp Hb caper rapll 6a~san caHXYV>KYYil3X 3X yycs3p111111H coHroilTblr eep4nex,
3X yycs3p1!1111H HSXL!6Illilillr eep4nex 3cxyn yncbiH recseec ro,Qopxoi/1 X3M>K33HII1111 raraac
asax, yncbiH recseec caHXYY>KYVIl3X r3x M3T33p 3X yycs3p1!1111H renesnenr11111lr eep4neH
MeHreH ypcranbiH receenen,Q 3anpyyma Xlilii1H3.
4.1 .10. Ye war 10. CaHXYVrlilillH yp awrVIillH V3YVIl3IlrYVA111illr roouox. 3H3XVY W1!1H>KVIIlr33r XVIii1X3,Q
xaMrlilillH ryr33M3Il awlilrnar,Q,Qar recn111ii1H yp awr111illr 1!1Il3pX1!1illn3r4 V3YVIl31lTYVA,
T3,Qr33p1!1illr X3pX3H TOOL!OOJ10Xblr XascpanT 6-C xapHa yy. TyxaillH T6CJ1VIii1H OHL!JlOrOOC
XaMaapaH caHxyyrlilillH yp awr111illr TOOL!OX V3VVI131lTYVA111illr COHroX X3,Qiilil1 4 1!1X3B4Il3H
MeHreHVIill 4ar xyra488Hbl VH3 1..!3Hiilillr TOOL!COH 4-c ,QOOWryi/1 V3YVIl3IlT33p TSCillii~H yp
awr111~r TO,QOpXO~IlHO.
4.1. 11 . Ye war 11. Tecnlii~H xepeHre opyynambiH eree>t<, caHxyyrlilillH yp awr111il1r 1!1n3px1!1VII13r4
V3VVI13IlTYYA111111H yp AVHr Xascpam 7-A V3VVI1C3H M8flrTbiH ,Qaryy H3rTr3H, ,QyrH3IlT
rapraHa.
4.2 . 3H3XVY WI!1H>Kiilm33r recen caHaa4nar4 x111VI>K, yp AYHr yncbiH xepeHre opyynanTbiH
xeren6eprrycrax "Tecn111ii1H caHan"-,Qaa opyynaH YH.Q3CH1!1VI xer>KI11!1VIH acyy.Qan3pxanc3H
rep111ii1H 3ax111praaHbl 6aVIryynnaraA xypryynH3.

4
 TAB. T9CilYY,QVIII!r X9P9Hre OPYYilAilTbiH eree>K, CAHXYYrVIIIIH YP AWrVIIIIr
YH,Q3CI13H3P3M63Il3X,COHfOX
5.1 . YH.Q3CHII1111 xer>Kflli1111H acyy,Qan 3pX311C3H Tep111111H Jax1!1praaHbl 6ali\ryynnara Hb yncbiH
xepeHre opyynanTbiH xeTen6epT TYCrax Tecnyy.Qii1111 r xapbl\YYll aH 3p3M63113X YYJ:IH 33C
Tecs1111i1H epeHxi!1111JleH Jaxl!1par4,Qaac l-1pyync3H caHxyyrli1111H yp awr1111i1H Wli1H>Kii1Jlr33Hii1111 yp
AVHr XascpanT 8-.Q yJyync3H Ma5lrTbiH ,Qaryy H3rTr3H3.
5.2. Tecnyyp,11111\H caHxyyrli1111H yp awrl-111\H yJyymm TYC 6yp1111i1H YTrblr xoopoH.Q Hb xapbWYYll>K
1-5 OHOOroop VH311H3. 3H,Q XaMrli111\H 60110M>Kl-1T cali\H yTraTalfi T6C61l,Q 5 OHOO, XaMrl!11i!H
MYY T6C61l,Q 1 OHOO er4, T6C611 TYC 6yp1111i!H Hli11i11163p OHOOr TOOL\HO.
5.3. XascpallT 9-,D, V3VV11C3H Ma5lrTbiH ,Qaryy Hli11i11163p OHOO XaMrli1liiH 6H,Q6pT311\ T6C11l-111\r H3r,Q
>Karcaax 6alilp,naap 3p3M6311H3.
5.4. 3H3XVV Wli1H>Kii1Jlr33Hii11i! yp .QVH.Q TO,QOpXOiilllOr,QCOH 3p3M61111i1H AYH.Qa>K OHOO 6H,QSpT311\
T6Cllyy,Qii11i1H caHxyy>Kii111Tii11i1H TOrTBOpToi/1 6alii,Qall, caHXVY>Kii111Tii11i1H 3X VVCB3p aMJlaf,QCaH
3C3XIi1lilr xapra113aH Tecsli1111H TYXalil xyynb, ep111IIIH YA111P.QllarbiH TYXai/1 xyynb, Tecsi!111\H
xyp33Hii1111 M3,D,3r,D,311, ra,Qaa,Q ep1111i1H 30Xl-1CTOII\ TYBWI!1H 60J10H 6yca,Q XOJ160r,QOX XYYllb,
TOrTOOM>K, AVP3M >KJipaM.Q Hli11i1l.IVV113H coHro>K yncbiH xepeHre opyynambiH xeTen6epT
TYCraxaap caHan 6onro>K 6onHo.
5.5. MeH "YncbiH xepeHre opyynambiH xeTen6epT TYCrax Tecn1111i1r VH3113X, 3p3M63113X,
r.nHrn¥, ¥8P3Dir.I<111TI ,Q XAH ~JlT Tiil B11X apra1 11lall" II ,QOryy TO QJ1 ~1 ~ r VH3113X ' 1 X3 p~ rJ!\~IX
6onoM>K" epeHxli1111 yJyy113mli1111H 2.5 ,Qax YH.QC3H wanryyp yJyymmli1111H VH31lr33H.Q
aw111rnaHa.

---000---

5
 Xaecpanm 1. TecnuiJH aHXHbt xepeHee opyynanmbtH 3aponbtH moouoonon

AHXHbl xepeHre opyynam Hb YHAC3H xepeHre (6111er, 6111er 6yc xepeHre), 3pr311TI!1C1H xepeHre,
recni!1171H 63nTr3n a>Kii1nnaraaHbl Aapaax 3apAnaac 6ypA3H3. YyHA:
Teneenenm, 63nma3n yun 8)/<Unnaaaamau xon6oomou 3aponyyo - cyypb cyAanraa, T33YC ,
T33Y, P,~1sa~H, renesnem, 3ypar Tecee, ~rH>Ke H e p~uirH cyAanraaHYYA. Gc~Vir oJ lb u~Yii1HA
Heneenex 6ar71AllbiH YH3nr33 6onoH 6ycaA xon6orAOX cyAanraa, renesnenr111C1H 3apAI1YYA.
3H3 ye waTHbl caHxyy>Kii111Tii1171H eprer, ryxar71H recenT3171 xon6ooror71 rapcaH TOMI!1nonT, l.lanli1H
r3x M3T yr7rn a>KI!1nnaraa, YA111PAilarbiH 6yx 3apAI1YYA. 6onoscoH xyYii1H 6311Tr3X, 6YT33H
6ar7rryynanTbiH yei!1171H Aaarran, recnl!117rr 3Xnyyn3XT3171 xon6oomr71 3px 3yr71H rycnam-1aa asax,
61114111r 6ap1!1MT 6YPAYVn3XT3171 xon6ooror71 3pX 3Vr7IH Ten6ep r.M . 3apAI1YYAblr opyynaH TOOI..\HO.
5apunaa, 6auayynaM)I(mau xon6oomoiJ 3aponyyo - ra3ap xyAanAaH asax, ra3pbrH HexeH
ren6ep renex, ra3ap Yeneenenn3171 xon6oomr71 3apAI1YYA, 6ap111nra 6ar7rryynaM>K11117rr 6ap111x
3apAilblr renesnenTII1171H W111171A311 6onoH xon6orAOX HOPM AVP3M, craHAapTbiH Aaryy
YPbA4111ncaH 6ar71Anaap TOOI..\HO.
,l1,3o 6ym3u,m3u xon6oomou 3aponyyo - yc, l.\aXI!1nraaH, AynaaH , ap111YTrax TaTYypra,
M3A3311311 xon6oo r3x M3T A3A 6yTI..\11117rr Wli1H33p 6ar7rryynax, Wli1H34113H car7r>Kpyynax,
eprerrex, 3acsapnaxrar71 xon6ooror71 3apAI1YYAblr A3A 6yTI..\111171H renesnenT, XV4111H rerenAep
MepAerAe>K 6yr71 HOpM AVP3M, craHAapTbiH Aaryy YPbAY111ncaH 6aC1Anaap TOOL.\HO.
T33epuuH X3p3ac3n, yHOC3H yun a)l(unnaaaaHbl mexHUK, moHoa mexeepeM)I(m3iJ xon6oomou
3aponyyo !Yun a)l(unnaaaa Reyynax yHOC3H moHoa mexeepeM>KI- TOHor rexeepeM>K, rexHI!1K
X3p3rcnl!117rr xyAanAaH asax yH3, 3ax111anra, Hli117rnyyn311T, T33B3p11311T, yrcpanT, cypranTbiH r3x
M3T 3ax111anra Xli1171X33C cyyp111nyyn>K aw111rnaxaA 63113H 6onox xypT3n 3apAI1blr H3MC3H
AYHr33p TOOI..\HO. IYHAC3H xepeHre/
KoMnbJOmep, 6ycao mexHuK X3p3ac3n, maeunaa, 30 xoawun IYHOC3H yiJn a)/(unnaaaa
Reyynaxao mycnax moHoa mexeepeM>KI- xyAanAaH asax YH3 A33p cyyp111nyyn>K aw111rnaxaA
63113H 6onox xypT3Jl 3apAI1blr H3MC3H AYHr33p TOOI..\HO. /YHAC3H xepeHre/
5uem 6yc xepeHae - Tecni!1171H yr7rn a>Kii1nnaraaHA 3al7rnwryr71 waapAnaraTar71 TYCrar71
Jesweepen, 30XIi10rYII1171H 3px, nporpaMM xaHraM>K, naTeHT 33prll117rr YH3113H 3HA opyynaH
TOOI..\HO.
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xyyrli1171H 3apAnbrr opyynaH TOOI..\O>K 6onHo.
3pa3nmuiJH xepeHauuH 3apoan - 6ap111nra, 6ar7rryynaM>K aw111rnanraA opcHooc xol7rwli1x
l.lH11l~~lln1~H v~~~H a xypr~nx r.An , yl?ln r:n1n1nnnrAA ~x::lnr.H;:~::lr. xnll1rrr111x ::~xHk1J7r 1? ·x vrnnv
capbrH yr7rn a>KI!1nnaraaHbl 3apAI1biH caHXYY>Kii111Tblr xepeHre opyynanTbiH aapAallA opyynaH
TOOI..\HO.
X3p3B recni!1171H xepeHre opyynanTaA eepCA111171H eMHe aw111rna>K 6ar7rcaH xepeHre 6onoH
6ycAaac ascaH xyy41!1H xepeHryyA11117rr aw111rnax 6on VI1A3rA311 eprreep TOOI..\OH xepeHre
opyynanTbiH aapAanA opyynax 6a T3Ar33p1!117rr T33B3pmx, c3pr33H aacsapnax,
cyyp111nyynaxra17! xon6ooror71 6yxli1171 n 3apAI1YYA opHo.
X3p3B OAOO yr7rn a>K1!1nnaraaraa s:~syyn>K 6ar7rraa 6on 6YT33H 6ar7rryynambiH a>KnyyA AYYCa>K,
Wli1H3 6apbcaH, eprerreceH 3cxyn aacsapnacaH 6ap111nra, 6ar7rryynaM>KYYA aw111rnanTaA opox
xypT311 rapax ryp A3A 6YTL-1111171H aw111rnanr, Hyynr3H Wli111>KVVn311T, yr7rn a>KI!1nnaraaraa ryp
s:~syynaxrar71 xon6ooror71 3apAI1YYA. MeH eep4nemi!1171H 30XI!10H 6ar7rryynam, yr7rn
a>Kii1nnaraarar71 xon6ooror71 a>KI!111THYYAbiH Wli1H3 TOHor rexeepeM>Kii1171H cypranr, H3311Tii1171H
cypTaJ141!1nraa, TaHI/1111...\YYnra, X3BJ13Jl, TOXIi1>Kii1JlT, apra X3M>K33Hii1171 r.M. 3apAI1YYA·

6
AHXHbl xapaHra opyynanTbJH T004oono11
Waap.Q11araTaiil caHXYY>KL-lm,
HL-liilT T anaena>K 6yiil Ypb.Q4L.1nCaH
cafl Tar
NQ YH.QC3H a>t<nyy.Q xapaHra caHXYY>KL-lnTL-liilH caHxyy>t<L-lnT Cyypb H3r .Q3X Xoep n .Q3X Taiil116ap
opyy11am, 3X yyce3pL.1 iilH XL.1iilr,QC3H
>KL.-111 >KL-ln .Qax >KL-ln
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>KL-ln
1 Tanaena11T, )1<:
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~ap.QnYY.Q
4 rr33BpL.1iilH
1><aparca11,
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eXHL-lK, TOHOr
axaapaM>KT3iil
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5 KoMnbtoTep,
6yca,Q TeXHL.1K
X3p3rC311,
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6 6L.1eT 6yc
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7 CaHxyy>t<L-lmL-liilH
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8 3pranTL.1iilH
P<apaHrL-liilH
~ap.Qan
HL.1iilT

ra3ap , 6apL.1nra 6aiilryy11aM>t<1 A3A 6'(TLIL-1iilH xapaHra opyynam

NQ ra3ap, 6apL.1nra X3M>KL.1X H3DK VH3,

Too X3M>K33 HL.-liilT yHa, cafl.Tar
6a L~ ryynaMm, AOA 6YT04 I IOniC OOfl .TOr
1 ra3ap
2 ra3pblH HaXSH Ta116ep,
ra3ap 4911ee11ennaiil
X011600TOiil 38PA11YYA,
3 6apL.111ra 6aiilryy11aM>t<L.1iilH
3ap,Qa11
4 A3A 6'(T34T3iil X011600TOiil
3ap.Qa11
...........
HL-liilT AVH

7
ToHor TexeepeM>K, Tasltlnra, 3A xorwn111V!H xejl_eHre opyynanT
N2 TOHOr T9X99P9M>Kit1VlH H3P Too X3M>K33 Wlt1PX3r H3r>K YH3 caH.Ter H111VIT YH3 caH.Ter
1 YHAC3H yVIIl a>Kit1IlilaraaHbl
TeXHitlK, TOHOr
T9X99p9M>KT3Vl XOI1600TOVl
3apAilYYA
2 T33Bpit1VIH X3p3rC3Il
3 KoMnbiOTep, 6ycaA TeXHitlK
X3p3rC3Il
4 Tas111nra , 3A xorw111I1

H1t1VIT
TecesT epTer
lt1MnOpTbiH TaTBap (VAT+Import
tariff) 25.5 %
Hlt1lt1T T9C9BT 9PT9r

6ycaA xepeHre opyynam

X3M>Kit1X Too H3r>K VH3, Hlt1VIT VH3 ,
N2 Y3yyn3m Tal1n6ap
H3r>K X3M>K33 caH .Ter caH.Ter
T9Il9BI19IlT,
n::~mr::~n yi/ln
1 a>Kit1IlilaraaTal1
XOI1600TOi/l
3apAilYYA
61t1eT 6yc
2
xepeHre
CaHxyy>Kit1IlT1!11ilH
3
epTer
3pr3mlt11ilH
4 xepeHrltllilH
3apAai1
5

7 6ycaA- 10%

H1t11ilT AYH

8
 Xaecpanm 2. TecnuiJH JapiJnbm moo~oonon

Yliin 8>KIIIJJJJ8r88Hbl 38PA8JJ

Ng 38pAJJbiH Too Har>K 38PA8JJ, H111~T 38PA8JJ,
38PAJJbiH H3p T8i:IJJ68 p
8Hri!IJJ8JJ X3 M>K33 XOHOrT 08fl .T9r >t<IIIJJJl. C8~uer

1 W8 XIIIJJr88Hbl38pA8JJ
r---
W3B3p , 6 0 XI!Ip yc /X8JJYYH ,
2 TOrTMOJI XY~T3H/
r - - - 38PA8JJ
3 X8JJ88JJT r.M .
r---
4
HI!I~T TOrTMOJI 38PAJJbiH A_y_H
X8pi!IJJL\88 , x on6ooHbl
4
38PA8JJ
-
X8pyyn, X8Mr88JJ8JJTbiH
5
38PA8JJ
r---
WYYA8H xon6ooHbl
6
38PA8JJ
r---
7 61!14111r xapriii~H 38PA8JJ
r--- TOMIIIJIOJITbiH 38PA8JI
8
r--- IAOTOOA, r8A88Jl/
38CB8p , y~JJ4111JJr33HIII~
9
38PA8JJ
- XysbC8X
6yCA88p ry~L\3Tryyna x
10 38pA8JJ
38PA8JJ
-
M3A33J13JJ,
11
CYPT8JI4111JJr88Hbi38PA8JJ
-
Taasap, W8T8XYYHbl
12
38PA8JJ
-
13 6yc8A 38PA8JJ
~
~ ..... .... .
r-w- ... ..... rax M3T

H111~T xysbc8x 38PAJJbiH AYH

HV1~T

3mrAJJIII~H TOOL\00

Har A3X XoepA8X ryp8B A8X

n A3X >KIIIJJ,
N2 Y3yymm >KIIIJI, >KIIIJI, >KIIIJI, ..... .... . T8~JJ68p
C8fl .Ter
C8fl .Ter C8fl .Ter C8fl .Ter
1 68pi!IJJr8,
68~ryyn8M>K
2 ToHor TexeepeM>K

3 6yc8A

4 .. .........
HI!I~T AYH

M8Tep1!18JibiH 38PAJJbiH TOOL\00

Awlllm8JJT8HA opcHooc xo~w

Har>t< 38PA8JJ, xoHorT, HI!I~T 38PA8JJ , >KIIIJJA,
Ng Y3yynam T8~JJ68p
C8fl .Ter C8fl .Ter
1 M8Tep1118JJbiH 38PA8JJ

2
3
HI!I~T

9
~am1Hri!1C1H caH
H3r H1!1Lh
H111L1T
OpoH YHAC3H H3M3rA3n a>KI!1nTHbl H111!:1T AYH HAW, 1.1am1Hr1!1 C1 H
N2 An6aH Tywaan 1.1an1!1Hr1!1C1H
TOO 1.1an111H 1.1an111H capbiH /caRTer/ 3 MA X3M>K33
X3M>K33 /cap/
uan111H I>K1!1nl

HV1111T

H3r A3X >Kil1n, Xo~p Aax >KI!1n, rypae AaX n A3X >Kil111 ,
caR .Ter caRTer >KI!1n , caR.Ter ···· ·· ···· caR .Ter
HI!1C1T l.lanii1Hr1!1C1H
caH - - - - - -
HI!1CiT 3aPAnbiH TOOLIOO
H3r A3X Xo~pAa X rypae AaX n A3X
N2 Y3yymm >KI!1n , >KI!1n , >KI!1n , .......... >K1!1n, Tae1n6ap
caR .Ter caR.Ter caR.Ter caR .Ter
l..lani!1Hri!1C1H 3apAan
1
/HAW , 3MA opcoH/

YCin a>KI!1nnaraaHbl
2
3apAan

3 MaTep1!1anbiH 3apAan

4 3n3rAni!1CiH 3apAan

5 5ycaA 3apAan

H111C1T AYH

10
 Xaacpanm 3. TecnuiJH opnoabJH moo~oonon
Hl!llliT opnorbiH TOOL.IOO

Hsr .Q3X >Kiiln Xoep ,Qax >Kiiln rypaB ,QaX >Kiiln n .Q3X >Kiiln
XyYI!IH
X3M>Kii1X XyYI!IH Hsr>K Hl!llliT Hsr>K Hl!llliT Hsr>K Hl!llliT
YsyynsnT Ya,Qan, Hsr>K H111111T lfallin6ap
H3r>K Ya,Qan opnoro, opnoro, lxyYI!IH Ya,Qan opnoro, opnoro, iXYYIIIH Ya,Qan opnoro, opnoro, jXyYIIIH Ya,Qan opnoro,
e,QepT opnoro,
aw111rnanT, XOHOIT, >Kiiln.Q, jaw111rnanT, % XOHOIT, >Kiiln.Q, Ja wl!lrnam, % XOHOIT, >Kiiln.Q, f!WiilrnanT, % XOHOIT, >Kiiln.Q,
% ca~ . Ter ca~ . Ter ca~.Ter ca~ . Ter caRTer ca~ . Ter ca~ . Ter caRTer

OpnorbiH 3X
1
VVCB3p 1

OpnorbiH 3X
~ yycesp 2

ppnorbiH 3X
~ IVVCB3p 3

Hl!llliT
Opnoro, yp AVHn1~H Ta ~ naH

H3r A3X >Kiilll, Xo ~pA8X >Kiilll, r ypae A8X >Kiilll, n A3X >Kiilll,
/J,/JJ. Yayyn311TVVA
caH .Ter caH .Ter caH .Ter caH .Ter
H111~T opnoro

1 OpnorbiH 3X yycs3p 1

2 OpnorbiH 3X yycs3p 2

3 OpnorbiH 3X yycs3p 3

....................................
H111~T opnoro

Hlii~T aapAall

1 ToHor TexeepeM>Kiii~H aapAan

2 Y~n a>KiilnnaraaHbl aapAan

3 l...lanli1Hrli1ViH aapAall

4 3n3rA11111~H aapAall

5 MaTeplilallbiH 38PA811

6 ........................................................
H111~T aapAall

YHAC3H y~n a>KiilnmiraaHbl aw111r

Y~n a>KiilnnaraaHbl 6yc aapAan

1 33311111~H xyyrlii~H aapAall

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1 TOTOOpiJIII OMIIO}{ QW ~ Ir, 011AOrA011

2 Awr111~H TaTsap (10%)

3 TaTsapbiH Aapaax 1..13B3p aw111r

4 L!3B3p awr111~H xysb, %

12
 Xaecpanm 4. TecnuOH caHxyy)l<unmuOH xyeaapb

CaHXV'{>K~<~JlTI<I~H Teneeneree
H11~T YpbAY1<111CaH WaapA11araTa~ caHXVV>K11!1T, ca~ Ter Ta~n 5a p
Te11ee11e>K 6y~
3opt.1!1TYYA xepeHre caHxyy>Kt.111T
N2 CaHXVV>Kt.111Tt.1~H Cyypb H3r A3X ... .. ... Aepee A3X
opyy11am, Xt.1~rAC3H
3X yyce3p >Kl-111 >Kl-111 >Kl-111
ca~ Ter 3C3X
1 ~Opt.1!1T 1 paHXVV>Kt.1!1Tt.1~H
3X yyce3p
12 3opt.1m 2

3 3opt.1m 3

14 ....... .•....

HIII~T

13
 Xaecpanm 5. TecnuOH MEJHaeH ypcaanbm meceenen

MeHreH ypcranbiH Tepen ... OH ... OH

Yliln a>KiilnnaraaHbl MeHreH ypcran
MeHreH opnorbiH AVH L: MeHreH opnoro L: MeHreH opnoro

MeHreH aapnarbiH AVH L: MeHreH aapnara L: MeHreH aapn ara

YHAC3H yliln a>KiilnnaraaHbl

L: MeHreH opnoro - L: MeHreH aapnara L: MeHreH opnoro - L: MeHreH aapn ara
LI3B3p MeHreH ypcran

CaHxyyrlillilH MeHreH ypcran

MeHreH opnorbiH AVH L: MeHreH opnoro L: MeHreH opnoro

MeHreH aapnarbiH AVH L: MeHreH aapnara L: MeHreH aapnara

CaHxyyrlillilH Ll383p MeHreH

L: MeHreH opnoro - L: MeHreH aapnara L: MeHreH opnoro - L: MeHreH aapnara
ypcranbiH AVH

XepeHre opyynanTbiH MeHreH ypcran

MeHreH opnorbiH AVH L: MeHreH opnoro L: MeHreH opnoro

MeHreH aapnarbiH AVH L: MeHreH aapnara L: MeHreH aapnara

XepeHre opyynanTbiH L.l383p

L: MeHreH opnoro - L: MeHreH aapnara L: MeHreH opnoro - L: MeHreH aapnara
MeHreH ypcran AYH

L!asap MeHreH ypcran L!MY1 =YAL!M + CL!M + XOL!M L!MY2 =YAL!M + CL!M + XOL!M
Xypli1MmarACaH MeHreH
L!MY1 L!MY1 + L!MY2
ypcran

14
 Xaecpanm 6. TecnuiJH caHxyyauilH yp awauiJH w anayyp y3yyn:wmyyo

Wanryyp TosYnon ToAopxolilnonT Toowox TOMb~o

yayyn:mT
MeHaeHuiJ l.{aa xyaal.{aaHbl YH3 l.{3H3 moow3oaayil yJyyn3nmyyo
3praH TenerAex xyral.laa raAar Hb Tecneec 10 - L:r=l CFe
OJlCOH opnoroopoo 3aPLIYY11CaH aapAnaa P p = n +
_:__n_ _:_....::.._..;..
Hexex, waapAarAaX xyra1.1aar X311H3 . 3H3 Lt=l CFt+l
Hb X9p9Hre opyynanTbiH T9CJ199C OJlOX
>Kii111 6ypli1ii1H yiiln a>Kii1nnaraaHbl l.I3B3p 1 = Ln
....!!:..£.._
MeHreH opnoro Hb TecenA opyyncaH 0 t =O (l+i)t
aHXHbl xepeHre opyynanTbiH aapAilblr
3pr3H T9119rASX X3Aii1ii1A 6yp3H HSXSX Liar xyral.laar 3HiJ:
xyral.laa- pp xapyynAar. n: 3aponaa 6yp3H HexeH men»< 6onox
Payback Period
Xyaal.{aaHb/ BMHBX )f<UflUUH moo
z:n CPc ·
t = 1 (l+l)t•
t >I<UnuiJH l.{383p MBHBBH
ypcaanb!H Huiln63p
""n CPt+t l -
L..t = l (l+t)t+l: t + >KUflUUH l.{383p MBHBBH
ypcaanbiH Huiln63p
3H3 aprbiH M~H 4aHap Hb >Kii11lli1ii1H AYHAa>K AAR = ANP
L!3B3p awrli11i1H X3M>K33HA waapAarAaX 10
xepeHre opyynambiH aapAilbiH X3M>K33r
Awrli1ii1H TOAOPXOVfJlOX 6yf0y 3Ar33pli1ii1r xapbi.\YY118X 3Ho:
HOpMbiH apra - aaMaap awrli1ii1H HopMblr ~H3113X3A AAR _ AwauiJH HOpMbiH xyeb
2 ARR OpW1i1HO. 8epeep X3116311 TyXali1H >Kii111A _
Accounting
63Jl3H awli1rnarAa>K 6aii1raa 60A1i1T ANP- )f(unuuH oyHoa>K l.{383p awua
Rate of Return
xepeHr1!1ii1H eree>K 6yf0y AaHcaap 6aii1raa (Average Net Profit)
xepeHrfl1ii1H aw111rnambJH TYBWHI!1Vir Ia - AHXHbl xepeHae opyynanm (Initial
xapyynAar. Investment)
XepeHre _ opyynambiH xapbl.laara~p R I
0 = NP
TOAOPXOii111AOr 6ereeA yr apra Hb TyXalilH Io
XepeHre awlilrnarAcaH xepeHrfllViH Terper X34H33H 3Ho:
opyynambiH aw111r oncHoop Hb VH311A3r. ROI _ XepeHae opyynanmb!H eaee>K
3 ROI
eree>K- Return
NP - L/3e3p awua (Net Profit)
on Investment
Ia - AHXHbl xepeHae opyynanm (Initial
Investment)
MeHaeHuD l.{aa xyaal.{aaHbl YH3 l.{3H3 mool.{aoa y3yymnmyya
l..lae3p eHeerli1ii1H YH3 L!3H3 Hb Tecn111Vir NPV "'n CFc I
X3p3r>KVV11CH33p Op>K 1!1p3X M9Hf9H =
L...t-- 1 -
l+r()t - 0
YPCfiUJPIH 9Heen1~H YH~ I-I~H~ PR T~~m1~H ~He
aHXHbl xepeHre o~yynambiH xoopoHAOX CFt : mecnuiJH xyaal.{aaHbl t aawuHiJ op>K
eHeerli1VfH YH3 NPV 3epyyraap TOAOPXOiilllOrAOHO. l.{383p M8HB8H ypcaan (Cash Flow)
4
L!3H3- Net
Present Value Ia: t xyaal.{aaHbl xepeHae opyynanmb!H
3apoan (Initial Cost)
i: xopoaoyynanmb!H xyeb (Discount rate)

Hexemli1ii1H AOTOOA xyeli1ii1H apra, NPV "'n = CFt _I = 0

eree>Kii1ii1H AOTOOA XYBb, HOpM ra>K M9H L...t=l (l+IRR)t 0
H3p113A3r. 3H3Xyy apra Hb Tecneec
8ree>Kfl1ii1H
1i1p33AVii1A op>K 1i1pax MeHreH ypcranyyAbiH 3Ho
AOTOOA XYBb -
5 IRR eHeer1!1ii1H yHa L!3Hfl1ii1r Tecnfl1ii1H aHXHbl CFt- t >KUnUiJH l.{383p MeHaeH ypcaan
Internal Rate of
xepeHre opyynannaJ/1 T3HLIYY 6aii1nraxyii1l.l IRR- eaee>KUUH oomooo xyeb
Return
xyyrli1ii1H X3M>K33 fOM . Ia: t xyaal.{aaHbl xepeHae opyynanmbtH
3apoan (Initial Cost)

60AII1T IRR Hb NPV=O yeA TOAopxoii1nor.QAor [FV(PCF)].!.

eree>Kfl1ii1H
6onoB4 3H3 T3Hl.I3Tf311 5laryypryii1 6aii1x MIRR = n - 1
6 MIRR 3CB311 T3p Hb X3A X3A 6aii1x TOXIi1011A011 PV(NCF)
AOTOOA XYBb -
Modified
6aii1Aar. 3Ar33p H911991111111ii1r ap11111r8XbiH =
FV(PCF) Lf=o CIFt(l + on-t
TYJlA AOTOOA eree>Kii1ii1H HOPMblr TOOL!OX

15
 Internal Rate of
Return
6onoecpoHry ~ apra 6y10y MI RR-1-1~r PV(NC F) = z:n_ COFt
TOA OPX O~JlAO r. t - 0 ( l •f>i)C
3Ho:
FV(PCF) - 3ep:Je MeHeeH ypcaanyyObiH
up:J3iJyiJH YH:J L(:JH:J (Future Value of
Positive Casl1 Flow)
fJV(NCF) - Cepee M8H28H ypcaanyyiJbiH
eHeeeuiJH YH:J L(:JH:J (Present Value of
Negative Cash Flow)
COFt - TecnuiJH t xyeaL(aaHiJ meceno
3apL(yynax M6H28HUiJ X:JM)I(:J:J 6y10y
mecnuiJH aapax MeHeeH ypceanyyo (Cash
Outflows)
CI Ft- TecnuiJH t aewuHo xyn:J:JH aeax
opnoebiH X:JM)I(:J:J 6y10y mecnuiJH opox
MeHeeH ypcaanyy{) (Cash Inflows)
i- KanumanbiH HuiJm epmea
(waapoaeoax eeee)l(, xopoeoyynanmbiH
xyeb e:J)I( MeH H:Jpfl:J)I( 6onHo.)
M 1RR -5ooum eeee)I(UiJH oomooo xyeb
,[\I-1CKayHT41-1!larACaH 3pr3H TenerAex lo-In- ~
xyrat..~aa r3A3r Hb TecenA 3apt..~yyncaH D p p n = +
1
t- (1+1)
xepeHrl-1~r Tecneec xym3H aeax AI-1CKayHT Ltt= 1 CFtt; 1
(XOpOrAYY!la!lT) TOOL.ICOH MeHreH . (l+l) ·
XoporAyyncaH ypcranaap Hexex, waapAarAax xyrat..~aa 3Ho.
3pr:3H TenerAeX 10M. n -3apiJnaa 6yp3H H8X8H men)!( iJyycax
7 x yrat..~aa­ DPBP xyeaL(aaHbl eMHex )I(UnuiJH moo
Discounted
Payback Period Lf= 1 DCFt - t )I(UnuiJH xopoeoyyncaH
MeHeeH ypcean (Discounted Cash Flow)
Lf=l DCFt+l- t +1 )I(UflUiJH
xopoeoyyncaH MeHeeH ypcean
Aw1-1rr a>KI-111JlaraaHbl 1-1HAeKCI-1~r Tecneec Ln- CFt
l-1p33AV~A op>K l-1p3x MeHreH ypcranbJH p 1 =
t-l(i+'i)f
eHeeri-1~H VH3 l..I3HI-1~r TYYHI-1~ aHXHbl /0
AWI-1rT xepeHre opyynanTbiH X3M>K33HA
6a~A!lbiH xapbl..IYYllaX 3aMaap TOOL.IAOr. 6epeep 3HO.'
8 I-1HAeKC- PI X31163n 3H3 apra Hb xepeHre opyynambJH
Profitability 1 Terper TYTMaac X3A3H Terperi-1~H opnoro PI- Awuem a)l(unnaeaaHbl UHOeKc
Index on>K 6a~raar xapyynAar. CFt- t )I(UflUiJH L(383p MeHaeH ypcean
10 - AHXHbl xepeHee opyynanm (Initial
Investment)
Yp aw1-1r, 3aPA11biH xapbl..laa Hb Tecni-1~H BCR = PV(PCF)
yp aw1-1r 6a 3apA11bJH eHeeri-1~H VH3 Tyc PV(NCF)
Yp aw1-1r
6ypi-1~H xapbt..~aar l-1113pXI-1~11H3 . 3Ha:
3apA!lbiH
9 xapbt..~aa­ BCR PV(PCF) -3ep32 MeHeeH ypceanbtH
Benefit Cost eHeeauiJH yH:J L(:JH:J
Ratio PV(NCF)- Cepee MeHeeH ypceanbtH
eHeeeuiJH yH:J L(:JH:J
6Heeri-1~H yH3 l..I3HI-1~H xapbt..~aa (PVR) Hb PVR = NPV
TeCJli-1~H 3AI-1~H 3aCri-1~H VH31lr33HA PV(NCF)
6Heeri-1~H VH3
1..13HI-1~H aw1-1rnarAa>K 6onox 6ereeA YVHI-1~r
10 xapbt..~aa­ PVR OAOOri-1~H l..I3B3p VH3 1..13HI-1~r l..I3B3p ceper 3HO.'
Present Value MeHreH ry~nr3araap xyeaa>K 6onHo. NPV - L..4:Je3p eHeeeuiJH YH:J L(:JH:J
Ratio PV(NCF)- Cepee MeHeeH ypceanbtH
eHeeeuiJH yH:J L(:JH:J

16
 Xaecpanm 7. TecnuOH CBHXYYZUU/4 WUIDIWflZ3314UU yp iJyH, iJya143flm

Tecn111~H Hap: - - - - - - - - - - - - - - - - TeceBT epTer: _______caRTer

-
N2 Wanryyp V3VV11311T TOB4!10Jl w~~ABJP raprax HSXL\911 YTra

MeH8eHuiJ 488 xy88488Hbl VHJ 43H3 moo4o088ViJ y3yymnmvva

X3p3e Tecn~~H 3pr3H TenerAeX xyral.laa Hb T9C!ll<l~H Hl<l~T xyral.laaHaac 6ara
3pr3H T9119rA9X 6a~Ba!l T9C!ll<l~r X3p3nKyymK 60J1HO. 3pr3H T9119rA9X xyra1.1aa Hb T9C9Jl
1 pp
xyral.laa X3p3DKI-1X Hl<l~T xyra1.1aaHaac ~X 6a~X T9C11VVAI<l~r X3p3nKVV113X33C TaTraJ13aX
Hb 3V~T3~.
Awr1-1~H HOpMbiH 3H3 aprbiH yeA awrl<l~H HOpM a!lb 9HA9PT3~ T9C!ll<l~r COHrO>K X3P311KVV11H3.
2 ARR
9epeep X3!16311 awr~~H HOpMoop Hb 33p3rl.IVV11H3.
apr a
CaHan 6onrocoH 6yx xepeHre opyynanTbiH Tecn~-1~r caHXYV>KVV113X 3X yyceJp
XepeHre opyynanTbiH XflJraapnarAMa!l , H3r33C O!lOH TOOHbl T9C9Jl 30pl-1!1TOT TYBWH33C 9HA9p
3 ROI
eree>K eree>Kl<l~H TYBW~HT3~ 6a~ea11 wanryyp xaHracaH T9C11VVA1<1~r >Karcaa>K
xaMrl<lliiH caliiHblr Hb coHroH aeaxaA 3H3 aprblr aw1-1rnaHa.
MeH8eHuiJ 488 xy88488Hbl VHJ 43H3 moo4008 V3VVnJnmyyo
L\3B3p eHeerl<lliiH yHJ TJrJJc 1-1x 6ai/iean T9C111<11iir X3P3nKVV11>K 6onHo, T3r33C 6ara 6ai/iean yr
4 NPV T8CJ11<11iir X3p311KVV113X33C TaTra!lJaHa .
LI3H3
9ree>Kl<lliiH AOTOOA X3p3e IRR Hb Kanl<lTB!lbiH epTreec 1-1x 6011 T9CJ11<11iir X3P311KVV11H3. IRR Hb
5 x ye~o
IRR Kan!<1Tan~>IH apnaac:: nara non Tar.naar. TaTran~nHa

AoTOOA eree>Kl<lliiH ryew1-1H IRR Hb TorreopTolii 6yc xoEipAMO!l w~H>K 4aHapTalii

T9CJ11<1~rWl-1H>K113XA33 OH TYC 6ypl<lliiH L\3B3p 3pr311Tl<lliiH cyynl-111\H xacax
6oA~T eree>Kl<lliiH T3MA3rT31ii rapcaH JapA!lblr MIRR-aap TOOL\COH eHeerl<lliiH VH3 l.I3H33p Hb
AOTOOA XYBb - aHXHbl xepeHre opyynambiH JapAamalii H~liinyymH IRR- ~IiiH TOOl.IOOr x~liix~liir
6 MIRR
Modified Internal eree>K~IiiH TYBWH~Iiir TorreopTolii 6onroH eep4nex 6y10y Modified IRR Analysis
Rate of Return rJ>K H3p113A3r. 9epeep X3!163!1 cyyn~liiH >K~!lYVA~IiiH xacax ryliinrJJr MIRR-aap
TOrTBOpTolii 6onroH eep4~11>K, IRR-~IiiH VH3Ilr33HA opyynHa.

3H3 aprbiH M9H 4aHap Hb 3pr3H T9119rA9X xyra1.1aar TOAOPXOiii!lOXAOO

XoporAYyncaH 3pr:m Tecneec opox MeHreH opnoryyAblr xoporAyynambiH xyeb X3M>K33
7 DPBP (Kan~Ta!lbiH epTer)-~liiH TycnaM>KTaliiraap H3r cyyplilHA opyyn>K
TenerAex xyral.laa
33p3rl.IVV11CH33p 3l.IC~IiiH W~liiAB3p rapraxaA opw~HO .
X3p3B aW~rT a>K~Jl!laraaHbl ~HAeKC Hb 1-33C ~X 6ai/iea11 T9CJ1~i/ir COHrOH
Aw~rr 6aliiA11biH
8 PI X3P311KVV11>K 6onHo. Xap~H aw~rr a>K~nnaraaHbl ~HAeKc Hb 1-33C 6ara
~HAeKC
T3HL\VV 6ai/iea11 T9C!l~liir X3P311KVV113X33C TaTraJ13aX Hb 3V~T3ili .
X3p3B BCR Hb 1-c ~x 6011 Tecen Hb JA~IiiH Jacr~liiH xyBbA yp aw~rralii 6aliiHa.
Yp aw~r JapA!lbiH
9 BCR IRR-Talii aA~!l 3H3 xapbl.laa Hb Tecn~II\H xepeHre opyynanTbiH X3M>K33H33C
xapbl.laa
xaMaapaxrylii
3HA BCR- PVR = 1 6aliix 6a xapae PVR Hb Taraac ~x 6011 Tecen Hb 3A~IiiH
9Heer~liiH yHa
10 PVR Jacr~liiH xyebA yp aw~rralii TY!l X3P3nKVV11>K 6onHo. Xap~H Taraac 6ara 6011
L13H~IiiH xapbL\aa
3Ai1111\H Jacr~II\H XYBbA yp aw~rryi/i r3>K V3H3.

AyrHam:

Ail6aH xaar4: ----------I

3px 6yx111~ an6aH TywaamaH: - - - - - - I

OrHoo:

17
 Xaecpanm 8. TecnyyouuH caHxyyzuuH yp aw auuH y3yyn:mmyyouuH H3zma:m

Tecm1VIH
N2 NPV DPBP IRR PI MIRR DPBP BCR .... ...
H3p
1 Tecen 1 Ymaa
2 Tecen 2

3 Tecen 3

4 ... ... .. ..
5 Tecen n

Tecni!IVIH H111VIn63p
N2 NPV DPBP IRR PI MIRR DPBP BCR .......
H3p OHOO
1 Tecen 1 0HOO

2 Tecen 2

3 Tecen 3

4 ... ... ....

5 Tecen n

Tailn6ap: 3HO X8M8UUH 6onOM)I(Um cailH ymaamail meceno 5 OHOO, X8M8UUH MYY meceno 1 OHOO eaHe.

An6aH xaar4:

3px 6yx111VI an6aH TywaamaH : _ _ _ _ __ I

OrHoo:

Xaecpanm 9. TecnuuH 3p3M6UuH xycH3am

N2 Tecn111VIH H3p HL!IV!n63p OHOO 3p3M63 TaVIn6ap

1 Tecen 1 Max 0Hoo 1

2 Tecen 2

3 Tecen 3

4 ....... ...

5 Tecen n

An6aH xaar4: _________ I I

3px 6yx111VI an6aH TywaamaH: - - - - - - I

OrHoo:
18